The rate reduction is particularly noticeable on three-year fixed rates which are now priced at 0.15 per cent lower than the two-year fixed equivalent at 6.49 per cent. Changes are effective immediately.
The lender has also added an Almost prime+ product to its range, which introduces an element of credit scoring as part of the instant decision which helps in determining the actual risk and offers significant rate benefits for accepted cases.
Prices start from 6.49 per cent and applications must be submitted with an approved Decision in Principal (DIP) available from www.spml.co.uk.
Guy Batchelor, executive director, sales and marketing, at SPML said the firm felt it was important to show support for its intermediaries: “We are delighted to be able to reduce the rates on many of our products and introduce some innovations to the market.
"Our Almost prime+ products use exactly the same process as our best selling Almost Prime product, meaning no additional work for the intermediary.
“With our experience in the non-conforming market, the expertise of Lehman Brothers and having been at the forefront of the industry for over 10 years, we believe that now is the right time for us to make these product enhancements to ensure that we maintain this position."
